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Today's Shanghai copper main contract 1709 under pressure decline, weaker than Shanghai aluminum and Shanghai nickel, intraday trading at 47440-46930 yuan / ton, the end of the day closed at 47160 yuan / ton, down 0.
51%, partially cut the previous three days of gains, but the current Shanghai copper is still effectively stabilized above
the moving average group.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1708 contract and the 1709 contract narrowed to 90 yuan / ton, indicating that the pullback pressure of forward contracts is large
.
In terms of external trading, Asian Lun copper around 5875 US dollars / ton around narrow fluctuations, of which the 3-month London copper operating range of 5890-5864 US dollars / ton, now slightly up 0.
15% to around 5873 US dollars / ton, volatility is much smaller than Shanghai copper, the technical support below focus on 5800 US dollars / ton
.
In terms of positions, on July 12, the position of London copper was 338,000 lots, an increase of 4,308 lots per day, the first increase in four days, and this week's Lun copper reduction rose, indicating that the enthusiasm for short positions to reduce positions is higher
.
On the macro front, the Asian dollar index continued to fall under pressure and is now trading around 95.
67, close to the recent low of 95.
45
.
In addition, the number of initial jobless claims in the United States last week was 247,000, which was higher than expected, but still near a historical low and fell for the first time in a month, indicating that the general trend of tightening the US labor market has not changed
.
In the copper industry, it is reported that workers at Chile's Zaldivar copper mine will resume negotiations with the management Antofagasta, which will begin on Friday and last until July 20, after which the strike can begin, and the union hopes that the negotiations can reach a "fair agreement" for all parties, which may reduce the possibility of
a strike at the mine.
In terms of the market, on July 14, Shanghai electrolytic copper spot traded at 50 yuan / ton - 110 yuan / ton for the monthly contract, and the trading price of flat water copper was 46850-46950 yuan / ton
.
The price spread of copper in Shanghai fluctuates greatly in the next month, and when the price difference expands to 160 yuan / ton, the price difference narrows slightly to 130 yuan / ton
.
Today's flat water copper held steady at 50-70 yuan / ton, and faced a copper price adjustment
over the weekend.
Downstream buying interest increased slightly, bargain buying increased, flat water copper favor was higher, but the activity of middlemen declined, holders took advantage of the premium state before delivery, accelerated cash exchange, supply loose, good copper transaction is inferior to flat water copper
.
The Shanghai copper 1709 contract oscillated to 47160 yuan / ton during the day, the performance continued to be weaker than Shanghai nickel and Shanghai aluminum, but stronger than Shanghai zinc, and its rebound pattern maintained well, short-term attention to the progress of copper mine strikes and the guidance of the soft US dollar index on copper prices
.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 46700 yuan to bargain long, the entry reference is around 47100 yuan, and the target is 47900 yuan
.
